In the recent years, Saudi Arabia has initiated large scale developments in its infrastructure projects to enhance business opportunities and reduce public debt. Projects market was worth US$ 647 Billion in the Kingdom in 2011. As per the findings of a new research report by RNCOS, the country has pledged to spend about Billion dollars on housing projects and other social procedures. It has, in fact, reached on top among the Gulf countries in terms of value of planned infrastructure projects and projects being executed. With huge money being invested into infrastructure projects, the consumption of steel in the Kingdom is anticipated to grow at a CAGR of 20.5% during 2012-2015.
According to “Saudi Arabia Steel Industry Forecast to 2013”, the steel consumption in the Kingdom has grown rapidly in the past few years on back of rising construction activities, increasing investment in Railways, and cheap & reliable energy supply. The rapidly increasing population is also anticipated to continue fueling the demand for residential units and, thus, for steel over the next few years. With the construction of four integrated economic cities, the economy in Saudi Arabia is being driven onto a whole new level and the Kingdom has become one of the favorite destinations for steel majors.
The 60-page report provides an exhaustive research and rational analysis of information on consumption, production and trade of steel and steel products in Saudi Arabia. The forecasts on steel consumption and production have also been included in the study, which further presents the future outlook for the construction spending in Saudi Arabia and the GCC countries during 2012-2015. The analysis of the regulatory environment along with the recent industry developments has been included in the research report to provide a balanced outlook of the Saudi Arabian steel industry to clients.
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